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"Sellers are calling the shots right now," says a California real estate broker. "What's out...

"Sellers are calling the shots right now," says a California real estate broker. "What's out there is gobbled up with anywhere from 5 to 25 offers." It's not 2005 again - by some measures it could be even crazier. At 1.74M homes, housing inventory is at the lowest level since 1999 as the spring buying season awaits. Zillow reports prices up 6.2% Y/Y in January, the fastest pace since the bubble days.
Comments (10)
  • The Fed loading its balance sheet with mortgages is helping to drive prices up.
    22 Feb 2013, 09:06 AM Reply Like
  • Add all the distressed homes being held back from the market , the ones underwater and tight credit conditions not much to offer
    22 Feb 2013, 11:15 AM Reply Like
  • Most home owners are still underwater, no wonder the shortage of homes!!
    22 Feb 2013, 02:36 PM Reply Like
  • "Most home owners are still underwater"

     

    ????
    23 Feb 2013, 12:29 PM Reply Like
  • Housing market is manipulated, corrupted and distorted. Buyers beware you are being hosed. Bloated with parasites who have carved out a gravey train for themselves over the decades.
    Avoid NAR advice. An organization with 0 credibility. At the bubble peak in 2006 they were saying it was a great time to "buy and sell". how pathetic can they be.They owe an apology and comp to every family they suckered. These bozos should not be quoted in a legit media.
    22 Feb 2013, 10:25 PM Reply Like
  • Isn't this bearish for PMs, even if in the short-term? Anyone?
    23 Feb 2013, 09:02 AM Reply Like
  • Ask Bueller.
    23 Feb 2013, 01:40 PM Reply Like
  • Most home owners are not underwater. Who ever said they are needs to check their facts.

     

    Housing market is being manipulated? Like when the banks were selling junk cdos? Get over it.That's not happening now. NAR is an industry group, expect them to be biased.

     

    Fed is responsible for the increases. Sure, they are holding interest rates down making homes more affordable. They are also raising the stock market. And increasing employment.

     

    I'm not so sure things are as great as this headline suggests but we're moving in the right direction.
    23 Feb 2013, 01:23 PM Reply Like
  • Here in Florida the banks are holding thousands of abandoned homes off the market. So, yes the market is being manipulated. I have been active in the real estate market for decades over a number of states, cities and economic conditions. I speak from experience that banks are holding inventory off the market to support prices. This action is evident (widely agreed upon by real estate agents as well) in geography from Kansas City to St Louis, Cincinnati, Charlotte, Atlanta, Miami and Tampa as well as in secondary markets. Those who profess otherwise may have a political bias.
    23 Feb 2013, 02:32 PM Reply Like
  • Lots of homeowners in judicial states still not foreclosed on in 3-4 years. Housing totally bloated and manipulated. Yes some markets which fell 60-70% are valued priced but much of the country still bloated and do not cashflow with current rents.
    Affordability based on interest rates is fleeting. Bernank will be leaving in 2014 before the next big one hits just likes his mentor.
    23 Feb 2013, 10:49 PM Reply Like
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